The Life Insurance Corporation of India (LIC) has subscribed to ₹5,000 crore nonconvertible debentures (NCDs) of Bajaj Finance.
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It has subscribed to five lakh NCDs, of face value of ₹1 lakh each, of the deposit-taking non-banking financial company, totalling ₹5,000 crore, the State-owned insurer said in a filing.
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LIC said the funds raised through this issue will be utilised for the general business purposes of the company, including various financing activities, to repay the company’s existing loans, capital expenditure and working capital requirements.
